Infosys Ltd co-founder S.D. Shibulal and family have sold 8.5 million shares or 0.20% of their paid-up share capital in the company, during 22– 24 July.
“Proceeds from the partial stake monetisation will be utilised for a combination of philanthropic and investment activities,” Shibulal’s family office said in a statement.
The Shibulal Family Philanthropic Initiatives has been involved in various social initiatives especially in the education, social welfare, and sustainable development space since 2005-06.
The sale was executed by Citigroup Global Markets India Pvt. Ltd as the sole broker.
Its founders have served Infosys in various capacities, since its inception in 1981 until October 2014.
Shibulal served as chief executive officer and managing director of Infosys during 2011-14. Prior to that, he was the chief operating officer of Infosys during 2007-11.
This article was first published on livemint.com.